Current Transducer Market Expected to Reach $799.2 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Current Transducer Market," The current transducer market size was valued at $520.0 million in 2021, and is estimated to reach $799.2 million by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

Current transducer is a device that helps in converting current into industrial standards electric current. Current transducers possess various properties, such as it is linear, dimensionally stable, and maintains electric flow in the system. It finds applications in various industries, such as automotive, electrical components, transportation, aerospace, building & construction, and other end-user sectors.

Factors, such as growing industrial sectors across the globe, increase in the manufacturing industry, and rise in the demand for oil & gas in both, developed and developing countries has witnessed the need for current transducer. Current transducer plays a vital role in the machineries of petroleum, manufacturing, and industrial sectors, which helps in maintaining the stability of current flow and enhances the power supply by controlling overload. These factors are adding value into the growth of transducer current in the growing petroleum sector.

However, transducer currents are less reliable owing to their aging and drifting of active components and have high power consumption as compared to other analog signal types. In addition, it increases circuit load resistance in high voltage containing electronic devices, which may lead to short circuits in electrical or battery containing vehicles, which hamper the potential growth of the current transducer components in the market. Furthermore, several safety standards and rules regarding the use of transducer current in both, developed and developing countries have been set. This factor is anticipated to hamper the overall market growth.

The rise in building & construction activity, growing consumer demand for various electrically based components, and rise in disposable income from middle-class families have surged the demand for current transducers where it is used in electric meters, electrically based- household devices, such as AC, LED, TV, LCD, and many others. It helps in converting raw current into standard industrial electrical current, and reduces the mechanical nonlinearities, which help in increasing the shelf life of electrical devices and components. This factor is predicted to create remunerative opportunities for the expansion of the current transducer market in the future.

The current transducer market forecast is segmented on the basis of technology, application, end user, and region. On the basis of technology, the market is categorized into open loop and closed loop. On the basis of application, it is divided into motor drive, battery management, UPS & SMPS, converter & inverter, and others. By end user, it is divided into industrial, renewable, automotive, residential & commercial, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global current transducer market analysis include ABB, Ltd., ADTEK ELECTRONICS CO., LTD, American Aerospace Control, CR Magnetics, Inc., Danisense, GENERAL ELECTRIC, Intermountain Electric, Inc., Johnson Controls, LEM, NK Technologies., Phoenix Contact, Siemens, Texas Instruments Incorporated, Topstek Inc., and Veris.

IMPACT OF COVID-19 ON THE GLOBAL CURRENT TRANSDUCER MARKET INDUSTRY

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The current transducer market has negative impact due to the wake of the COVID-19 pandemic, owing to disruptions in the supply chain for various industrial products. The outbreak of COVID-19 resulted in the shutdown of various manufacturing plants for a long period, especially in Europe, Asia-Pacific, and other regions.
• In addition, restrictions imposed due to lockdown have declined the growth of the automotive sector. Moreover, delays in the infrastructure investment and complete shutdown of transportation have hampered the transducer current market.
• In addition, as the restrictions imposed due to lockdowns are being lifted in the fourth quarter of the pandemic, the building & construction, manufacturing sector is expected to recover soon owing to the record of production unit in both developed and developing economies.

• By technology, the closed loop-based technology segment accounted for about 65% of the share in the global current transducer market, and is expected to maintain its dominance during the forecast period.
• By application, the motor drive segment accounted for 33% market share, and is anticipated to grow at a rate of 4.6% in terms of revenue.
• By end user, the industrial segment accounted for 35% of current transducer market share , and is anticipated to grow at a rate of 4.8% in terms of revenue.
• Asia-Pacific dominated the global current transducer market with more than 43% of the share, in terms of revenue.